ENS Labs, the agency that launched the Ethereum Identify Service (ENS) in 2017, are gearing up for his or her subsequent main undertaking. By late 2025, they plan to launch a layer-2 blockchain community referred to as Namechain, constructed on the Ethereum blockchain. Namechain will leverage zero-knowledge rollup know-how to enhance transaction effectivity, lowering each prices and processing instances. Within the ENS area ecosystem, easier names like “xyz.eth” usually maintain extra worth than advanced ones like “asd1as.eth.”
As per a report, the launch of Namechain is aimed toward streamlining blockchain identities, making them extra easy and user-friendly. Not solely will this layer 2 blockchain simplify the method for ENS registrations however the community can be anticipated to make the service extra accessible for customers.
This week, ENS Labs made an official announcement about Namechain. In a submit on X from their deal with @ensdomains, ENS acknowledged, “By dramatically lowering prices, enhancing efficiency, and offering a well-recognized Ethereum developer expertise, our hope is to unlock new alternatives for ENS and Ethereum.”
Introduced reside at #frENSday:microphone:
Namechain by @ensdomains , a purpose-built Layer 2 resolution!
That is the subsequent evolution in ENS and a part of the bigger ENSv2 path. By dramatically lowering prices, enhancing efficiency, and offering a well-recognized Ethereum developer expertise our… pic.twitter.com/bIwHa22vJL
— ens.eth (@ensdomains) November 11, 2024
ENS Labs has allotted an preliminary funds of $four million (roughly Rs. 33 crore) in USDC stablecoin to help Namechain’s growth, with funding supplied by the ENS DAO, which oversees the ENS protocol. The total funds required for testing and deploying this Layer-2 community, nonetheless, has not but been disclosed.
ENS Labs’ newest initiative follows the rising recognition of its Ethereum Identify Service (ENS). ENS is a decentralised area title protocol that simplifies advanced Ethereum pockets addresses, remodeling them into easy-to-read names like “ABC.eth,” making crypto transactions extra accessible and user-friendly.
In July 2022, ENS tracker Dune Analytics reported that every day ENS registrations had spiked considerably, reaching over 50,000 new addresses that month. The identical 12 months, Nike’s Web3 arm referred to as ‘RTFKT’ obtained ten ENS domains.
Notably, registrations of ENS domains recorded a drop of 22.9 % in September this 12 months, as per a report by CoinMarketCap. The report additionally notes that ENS is an important element of the Web3 ecosystem, with the entire variety of energetic domains now standing at over 1.9 million.
In October, Google accomplished the mixing of ENS on its Search engine. This growth is aimed toward making it simpler for folks to seek for any title primarily based on the ENS area, signified by ‘.eth’.
